NovaGold Resources Inc. (NYSE:NG) Q3 2022 Earnings Conference Call October 5, 2022 11:00 AM ET
Company Participants
Melanie Hennessey - VP, Corporate Communications
Gregory Lang - President and CEO
David Ottewell - VP and CFO
Conference Call Participants
Lucas Pipes - B. Riley Securities
Operator
Thank you for standing by. This is the conference operator. Welcome to the NOVAGOLD Third Quarter 2022 Financial Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Melanie Hennessey, Vice President, Corporate Communications. Please go ahead.
Melanie Hennessey
Thank you, Gary. Good morning, everyone. We are pleased that you have joined us for NOVAGOLD's 2022 third quarter financial results and also for an update on the Donlin Gold project.
On today's call, we have Greg Lang, NOVAGOLD's President and CEO; and David Ottewell, NOVAGOLD's Vice President and CFO. At the end of the webcast, we will take questions on the phone and respond to the questions received during the webcast and also by e-mail.
I would like to remind participants that as stated on Slide 3, any statements made today may contain forward-looking information such as projections and goals, which are likely to involve risks detailed in our various EDGAR and SEDAR filings and forward-looking disclaimers included in this presentation.
I now have the pleasure of turning the presentation over to our President and CEO, Greg Lang. Greg?
Gregory Lang
Thank you, Melanie.
We continue to be encouraged by the outstanding drill results in the ACMA and Lewis deposits that have returned significant high-grade intercepts and demonstrated good grade continuity. These results further support the global resource estimate, recent modeling concepts, and strategic mine planning work.
We have included some examples of high-grade intercepts on Slide 4, which include hole 2020 with over 52 meters, grading almost 15 grams per tonne. Another segment in that same hole intersected over 18 meters at almost 11 grams per tonne and drill hole 56 with 74 meters at over 4 grams per tonne. For a more extensive description of recent drill results, please refer to the joint release from NOVAGOLD, Barrick, and Donlin Gold dated July 28, 2022.
Additionally, the Donlin Gold Board approved an increase from 34,000 meters to 42,000 meters in the third quarter. The drilling at site recently wrapped up with a total of 141 holes. To date, the Donlin Gold project reported assay results for approximately 9,870 meters with additional assays expected to be released in the coming weeks and the final results will be available in early 2023. Donlin Gold's 2022 expenditures are estimated to be about $64 million, of which NOVAGOLD's share is 50%.